As always Obama did not answer the question but talked around it and placed the blame on the Bush administration.

Obama and his DOJput their spin on this statement:
According to ATF Special Agent William Newell, Mexico submitted 11,000 of the 29,000 guns that they recovered at crime scenes over a two year period and were submitted to the ATF for tracing. Close to 6,000 of the 11,000 guns submitted were successfully traced -- and of those 6,000, 85 percent -- 5,114 to be exact, according to testimony in Congress by William Hoover -- were found to have come from the U.S.. The 18,000 (62%) that were not submitted for tracing were found to be from other countries. Of the 29,000 recovered 5,114 guns (17%) were proved to have been US produced.

Note: A large number of the 5,114 weapons were weapons that had been given to the Mexican government/Army by the US and were stolen or went lost with Mexican Army deserters.